Brits want to be their own boss, but dont know how

Just as Gordon Brown is announcing extra scholarships for young British entrepreneurs to study in the US*, a survey shows that 94% of people want to pack in their day jobs and become their own boss.

Nearly everyone wants to buy or start their own business according to the survey** by accountants and business advisors, PKF. However, employees are finding themselves stuck in their jobs because they feel they donít have a clue about where to turn to find advice. Nearly half (43%) said not knowing where to start was the biggest barrier from stopping them achieving their dream and starting up their own business.

A further 30% said they could not start their own business because they believe it costs too much money. Other reasons for not starting businesses were too much red tape (6%), lack of information (6%) and family pressures (6%).

Nick Winters, partner in charge of growing businesses at PKF said, This sends a strong message to the Government that they need to do more to encourage entrepreneurship. Over the past 50 years, successive UK Governments have piled on the paperwork making running and setting up a business a daunting prospect. Government agencies to help start-ups should be made more visible and accessible - entpreneurship should be championed in schools with pupils constantly encouraged to think outside the box, take risks and make mistakes.

A Eurobarometer survey on entrepreneurship showed there is a higher propensity towards self-employment in Southern Europe. The incidence of actual entrepreneurs ranges from 6% in Denmark and Luxembourg to more than 18% in Greece and Italy.

In general, EU citizens are less inclined to become entrepreneurs than their American counterparts. In the EU, 4.5% of citizens are involved in setting up an enterprise against 17% in the US. Employment expansion after start-up in Europe is also lower than in the US. Tellingly, in the EU, 46% are averse to setting up a new enterprise for fear of failure; in the US, the figure is 25%.

* Speech to the CBI conference in Birmingham www.news.bbc.co.uk
** Online survey conducted during the monthís September - November 2003